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Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
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Name : |
KAGERA SUGAR LTD. |
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|
|
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Registered Office : |
Bukoba
Village, Kagera, |
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Country : |
Tanzania |
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Date of Incorporation : |
17.06.1973 |
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Com. Reg. No.: |
5036 |
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|
|
Legal Form : |
Limited Corporation |
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|
|
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Line of Business : |
Manufacture and
production of sugar |
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|
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No. of Employees : |
420 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Tanzania |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
TANZANIA - ECONOMIC OVERVIEW
Tanzania is one of the world's poorest economies in
terms of per capita income, however, it has achieved high overall growth rates
based on gold production and tourism. Tanzania has largely completed its transition
to a liberalized market economy, though the government retains a presence in
sectors such as telecommunications, banking, energy, and mining. The economy
depends on agriculture, which accounts for more than one-quarter of GDP,
provides 85% of exports, and employs about 80% of the work force. The World
Bank, the IMF, and bilateral donors have provided funds to rehabilitate
Tanzania's aging economic infrastructure, including rail and port
infrastructure that are important trade links for inland countries. Recent
banking reforms have helped increase private-sector growth and investment, and
the government has increased spending on agriculture to 7% of its budget. The
financial sector in Tanzania has expandewd in recent years and foreign-owned
banks account for about 48% of the banking industry's total assets. Competition
among foreign commercial banks has resulted in significant improvements in the
efficiency and quality of financial services, though interest rates are still
relatively high, reflecting high fraud risk. All land in Tanzania is owned by
the government, which can lease land for up to 99 years. Proposed reforms to
allow for land ownership, particularly foreign land ownership, remain
unpopular. Continued donor assistance and solid macroeconomic policies
supported a positive growth rate, despite the world recession. In 2008,
Tanzania received the world's largest Millennium Challenge Compact grant, worth
$698 million, and in December 2012 the Millennium Challenge Corporation
selected Tanzania for a second Compact. Dar es Salaam used fiscal stimulus and
loosened monetary policy to ease the impact of the global recession. GDP growth
in 2009-12 was a respectable 6% per year due to high gold prices and increased
production
|
Source
: CIA |
|
Registered Name: |
KAGERA SUGAR
LTD. |
|
Requested Name: |
KAGERA SUGAR LTD. |
|
Other Names: |
None |
|
Physical Address: |
Bukoba
Village, Kagera, |
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Postal Address: |
P.
o. Box 815 |
|
|
Bukoba |
|
Country: |
Tanzania |
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Phone: |
255-22-2862664/2865022 |
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Fax: |
255-28-2220709 |
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Email: |
ksl@gmi-tz.com |
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Website: |
www.superdoll-tz.com |
|
Legal Form: |
Limited Corporation |
|
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Date Incorporated: |
17-July-1973 |
|
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Reg. Number: |
5036 |
|
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Nominal Capital |
TZS. 152,000,000 |
|
|
Subscribed Capital |
TZS. 152,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Nassir Ally Seif |
MD/
CEO |
|
|
Mr. Saif Ally Seif |
Director |
|
|
Mr. Hamad Yahya |
Director |
|
|
Hon. S. Saddiq |
Director |
|
|
None |
Parent company. |
|
None |
Subsidiary company. |
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SUPER STAR FORWARDERS
CO., LTD., SUPER SERVICE CENTRE CO.,
LTD.,[SUPCO], SUPER RETREAD TYRE LTD, MTIBWA SUGAR ESTATES LTD, GENERAL MOTORS INVESTMENT
LTD.,[GMI], SUPER DOLL TRAILER MANUFACTURE COMPANY (TANZANIA) LIMITED. |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
Dar
Es Salaam, Tanzania |
Branches of the firm |
|
Registered to operate manufacture
and production of sugar |
|
|
Imports: |
Asia |
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Exports: |
None |
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Trademarks: |
None |
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
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Main Customers: |
Stores, distributors etc |
|
Employees: |
420 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Tanzania |
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Location: |
Owned premises, 50,000 square feet, |
|
Auditors: |
Pricewaterhouse Coopers |
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Insurance Brokers: |
Information not
available. |
|
Currency Reported: |
Tanzanian Shillings (TZS.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 1615.50
Tanzanian Shillings |
|
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Fiscal Year End: |
December 31, 2012 |
|
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2012 was of 13%. |
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|
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||
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Financial Information not
Submitted |
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|
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|
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Profit and Loss
(expressed in TZS.) |
||
|
|
|
2012 |
|
Sales |
|
20,400,000,000 |
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_______________________________________________________________________ |
||
|
Bank Name: |
Bank
of Africa |
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Branch: |
Tanzania |
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Comments: |
None |
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|
|
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TRADE REFERENCES |
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Experiences: |
Good |
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|
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NOTARIAL BONDS |
None |
|
This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.